We start in Singapore, first reports on FICO.
GXS Bank achieves remarkable onboarding efficiency with the FICO platform
FICO (NYSE: FICO):
Highlights:
- GXS Bank utilizes the FICO platform to make credit decisions in milliseconds and originate loans upon approval for the vast majority of customers in less than 3 minutes
- GXS Bank utilizes alternative data and the FICO platform's Intelligent Decisions capabilities to extend credit to applicants with little or no credit history
- Implementation of the FICO platform took only three months
- GXS Bank has won a FICO Decisions Award 2024 for Customer Onboarding & Management
GXS Bank (GXS) Singapore's first digital bank for retail and commercial customers, leverages the industry-leading capabilities of the FICO-Plattform, to optimize the onboarding process for GXS FlexiLoan, its personal loan product. This has resulted in an onboarding time of less than three minutes for the vast majority of approved GXS FlexiLoan applications.
GXS uses the FICO platform to automatically make credit decisions in milliseconds, executing complex policy rules that utilize traditional and alternative data to extend credit to a wider range of consumers without compromising the bank's credit risk appetite.
GXS leverages user eligibility data from its ecosystem partners Grab and Singtel to expand credit access to underserved users. Leveraging data from "super app" Grab, a dominant force in Southeast Asia comparable to Uber in America, and Singtel, a major regional telecoms company, provides valuable insights. This ecosystem data is then combined with information from traditional sources such as credit bureaus. By integrating these data sets, GXS improves the assessment of applicants and provides more accurate scores and personalized interest rates.
Thanks to this innovative approach, people who were previously overlooked by traditional banks, such as young professionals or entrepreneurs with fluctuating incomes, can now obtain loans.
"Digital banks are playing an important role in extending banking and credit opportunities to a large and underserved group of individuals and small businesses across Southeast Asia," said Vaman Sriraman, Group Chief Risk Officer at GXS Bank. "FICO has been an invaluable partner for us in our endeavor to drive financial inclusion in Singapore. The FICO platform allows us to leverage alternative data and expand our offering. The agile infrastructure allows us to iterate quickly while ensuring that robust risk controls are in place."